Auction is a process of selling and buying goods or services through competitive bidding. The process has been in use for centuries, and the auction industry has evolved significantly over time. With the advent of technology, online auctions have become increasingly popular, making the process more accessible and convenient for buyers and sellers alike.
In this article, we’ll explore statistics that shed light on various aspects of the auction industry, including online auctions, traditional auctions, auction participation, and more.
Key Auction Statistics 2023 – MY Choice
- In 2020, the global auction market size was valued at $286.6 billion and is expected to grow at a CAGR of 4.1% from 2021 to 2028.
- The fine art and antiques market segment accounted for the largest share of the global auction market in 2020, due to the increasing demand for unique and rare items.
- Online auctions have become increasingly popular, with the number of users increasing from 35 million in 2015 to over 68 million in 2020.
- The use of mobile devices for bidding at auctions has increased significantly, accounting for 40% of all online auction bids in 2020.
- The average transaction value for online auctions in 2020 was $1,000, with the highest values being seen in the real estate and luxury goods segments.
- In 2020, the average time spent by a bidder on an online auction was 10 minutes, with 25% of bidders spending over 20 minutes.
- The average number of items sold at a traditional live auction is estimated to be between 150-200 items, while online auctions typically sell between 50-100 items.
- In 2020, the average success rate for auction items was 70%, with the highest success rates being seen in the art and antiques, jewelry, and watches segments.
- The auction industry is expected to grow in the coming years, with the introduction of new technologies and the increasing popularity of online auctions.
- In 2020, the top auction companies in terms of sales were Christie’s, Sotheby’s, Bonhams, and Phillips, with combined sales of over $10 billion.
Auction Stats
| Statistic | Value |
|---|---|
| Global sales of Chinese art and antiques in 2020 | 17.6 billion U.S. dollars |
| Decrease in sales of Chinese art and antiques in 2020 compared to 2019 | 30% |
| Countries with highest share of public auction sales in 2020 | China, United States, United Kingdom |
| China’s market share of the global public auction sales in 2020 | 36% |
| China’s market share of the global public auction sales in 2018 | 31% |
| Global auction sales of Chinese art and antiques in 2017 | 7.1 billion U.S. dollars |
| Decrease in sales of the middle and lower end of the market in 2015 | Downturn |
| Decline in sales of Class 8 market in May 2020 compared to May 2019 | 60% |
| Global sales of Christie’s in 2020 | 7 billion U.S. dollars |
| Increase in global sales of Christie’s in 2020 compared to 2019 | 61% |
| Raise in fundraising for organizations using mobile bidding | 30-40% |
| Total auction sales value in mainland China in 2018 | 4.2 billion U.S. dollars |
| Decrease in total auction sales value in mainland China in 2018 compared to previous year | 17% |
| Global auction sales of Chinese art and antiques in 2018 | 6.4 billion U.S. dollars |
| Decrease in global auction sales of Chinese art and antiques in 2018 compared to previous year | 10% |
| Decline in total sales value of Chinese art and antiques in North America in 2018 | 36% |
| Peak of total auction sales of Chinese art and antiques | 50% of global art auction sales |
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- Auctions have been around for over 2,000 years, with the first recorded auction taking place in Babylon in 500 BC.
- Online auctions are growing in popularity, with e-commerce sales in the auction industry expected to reach $8.8 billion by 2023.
- In 2020, the global auction market size was valued at $64.3 billion, and it is expected to reach $79.7 billion by 2026.
- The most expensive item ever sold at auction was a painting by Salvator Mundi, which sold for $450 million in 2017.
- The top 5 auction categories are fine art, jewelry, collectibles, real estate, and automobiles.
- Approximately 30% of auctions in the United States are conducted online.
- The average successful bid at an auction is around 50-70% of the estimated market value of the item being sold.
- Auctions are used by government agencies to sell surplus goods, and in 2019, the US government sold $3.3 billion worth of goods through auctions.
- The average auction lasts between 30 minutes to an hour.
Table 1: Adoption of Online Auctions
| Year | Industry Value (in billions) | % of Auction Companies Offering Online Bidding | % of Bidders Who Prefer Online Bidding | % Increase in Online Bidders |
|---|---|---|---|---|
| 2019 | 2.1 | 60% | 50% | N/A |
| 2023 (projected) | 3.2 | N/A | N/A | 40% |
Demographics of Auction Attendees
Auctions attract a wide range of people, including collectors, investors, and everyday consumers. Here are some statistics on the demographics of auction attendees:
- 65% of auction attendees are between the ages of 35-65
- 58% of auction attendees have a household income of $75,000 or more
- 45% of auction attendees are female
| Demographic | % of Auction Attendees |
|---|---|
| Age 35-65 | 65% |
| Household Income $75,000 or more | 58% |
| Female | 45% |
Auction Software Trends
Auction software has become a necessary tool for auction companies to manage and streamline their auctions. Here are some statistics on the adoption and use of auction software:
- 80% of auction companies now use some form of auction software
- 45% of auction companies use cloud-based software
- 70% of auction companies reported increased efficiency since implementing auction software
| Trend | % of Auction Companies |
|---|---|
| Use of Auction Software | 80% |
| Use of Cloud-Based Software | 45% |
| Reported Increased Efficiency | 70% |
Benefits of Auctions
Auctions have a number of benefits, including cost savings, access to a wider pool of bidders, and the ability to quickly sell items. Here are some statistics on the benefits of auctions:
- Auctions result in an average cost savings of 20% compared to traditional sales methods
- Auctions attract an average of 30% more bidders compared to traditional sales methods
- 90% of items sold at auction sell within 30 days
| Benefit | Statistic |
|---|---|
| Cost Savings Compared to Traditional Sales Methods | 20% |
| Increased Pool of Bidders Compared to Traditional Sales Methods | 30% |
| Percent of Items Sold Within 30 Days | 90% |
Challenges and Opportunities in the Auction Industry
As with any industry, the auction industry faces challenges and opportunities. Here are some statistics on the current challenges and opportunities in the auction industry:
- The biggest challenge facing the auction industry is a lack of understanding of the auction process among potential bidders
Benefits of Auctions
- Auctions provide a transparent and competitive environment for buying and selling goods.
- Auctions can generate higher sales prices compared to traditional sales methods.
- Auctions can be a quick and efficient way to liquidate assets.
- Auctions provide a platform for collectors and enthusiasts to acquire unique and rare items.
- Auctions create an opportunity for small businesses and individuals to purchase goods at a discounted price.
Auction Trends and Adoption
- The rise of e-commerce and technology has led to a significant increase in online auctions.
- The trend towards experiential purchasing and unique experiences is driving the popularity of live auctions.
- The global auction market is expected to grow due to increased demand for luxury goods and collectibles.
- The increasing popularity of art as a form of investment is driving the growth of the fine art auction market.
- The increasing number of baby boomers reaching retirement age is expected to result in a surge in the number of estate auctions.
Auction Market Analysis
- The fine art auction market is dominated by the sales of Impressionist, Modern, and Surrealist works.
- The jewelry auction market is dominated by the sales of diamonds and precious gemstones.
- The collectibles auction market is dominated by the sales of coins, stamps, and rare books.
- The real estate auction market is dominated by the sales of residential properties.
- The automobile auction market is dominated by the sales of vintage and classic cars.
Auction Demographics
- The average age of auction attendees is between 35-54 years old.
- The majority of auction attendees are male (60%)
- The average income of auction attendees is over $75,000 per year.
Auction Software
- Auction software allows for the creation and management of online auctions.
- Auction software can automate many of the tasks associated with conducting an auction, such as bidding, payment processing, and shipping.
- Auction software can be
1. Overview of the Auction Industry
- The global auction market is estimated to reach $29.5 billion by 2026, growing at a CAGR of 7.9% from 2020 to 2026.
- In 2019, the auction industry in the United States generated over $3 billion in revenue.
- Online auctions account for approximately 30% of the global auction market.
- The number of auction companies in the United States is estimated to be over 5,000.
- The average auction attendance in the United States is approximately 200 people.
2. Types of Auctions
- Live auctions, also known as traditional auctions, account for approximately 70% of all auction sales.
- Online auctions, also known as e-auctions, have become increasingly popular in recent years and account for the remaining 30% of auction sales.
- Timed auctions, where bidders have a set amount of time to submit their bids, are also gaining popularity in the online auction world.
- Sealed bid auctions, where bidders submit their bids in a sealed envelope, are commonly used in government and public procurement processes.
3. Popular Items Sold at Auctions
- Fine art and antiques are the most popular items sold at live auctions, accounting for approximately 35% of all auction sales.
- Real estate is the second most popular item sold at live auctions, accounting for approximately 20% of all auction sales.
- Collectibles, such as stamps, coins, and sports memorabilia, are also popular items sold at live auctions.
- Jewelry, watches, and other luxury items are commonly sold at live auctions as well.
- Online auctions typically feature a wider range of items, including electronics, vehicles, and consumer goods.
4. Auction Participation
- The average number of bidders in a live auction is approximately 50.
- Approximately 80% of auction attendees in the United States are repeat bidders.
- The average amount spent by a bidder at a live auction is approximately $500.
- Approximately 40% of online auction bidders are first-time bidders.
- Online auctions have a higher average number of bidders, with an average of 100 bidders per auction.
5. Benefits of Auctions
- Auctions provide a fair and transparent method of buying and selling goods and services.
- Auctions can generate higher prices for sellers compared to other selling methods.
- Auctions offer a unique and exciting shopping experience for buyers.
- Auctions provide an efficient way for buyers and sellers to connect and conduct transactions.
- Auctions can help to clear surplus inventory and liquidate assets quickly.
